Cotton futures clawed back some of the Tuesday losses on the midweek session, with contracts up 30 to 43 cents. The outside markets were be mixed factors with pressure coming from crude oil futures, down $1.87/barrel. The US dollar index was supportive, falling another $1.417 on the day and is the lowest since the beginning of November.
The Tuesday online auction from The Seam showed 2,288 bales sold, with an average price of 58.25 cents/lb. The Cotlook A Index was back up 25 points on 3/4 at 76.25 cents/lb. ICE cotton stocks were up another 1,118 bales on March 4 with the current level of certified stocks at 13,771 bales. The USDA cut back their Adjusted World Price (AWP) on Thursday afternoon by 78 points to 53.89 cents/lb. It will be updated later tomorrow.
Mar 25 Cotton closed at 62.36, up 32 points,
May 25 Cotton closed at 63.67, up 43 points,
Jul 25 Cotton closed at 64.87, up 35 points
Source: barchart.com